If there is one thing that those in the crypto world like to do, it’s to speculate about the future market performance of Bitcoin. As the world’s most famous token, Bitcoin is always the subject of price predictions. The latest of these comes from BitMEX co-founder Arthur Hayes, who announced that he has changed his stance on Bitcoin for the rest of the year. This was said during a recent interview on Crypto Banter.
Hayes Bullish on Bitcoin
In the past, Hayes has taken a short-term bearish stance on Bitcoin. So much so that he had predicted a market correction after Bitcoin hit the $35,000 mark. But now, he has changed his mind and expects Bitcoin to even reach a new all-time price high by the end of the year.
He says that back in March 2023, he had expected the Bitcoin price to reach $40,000. After it did, there was a brief market correction, and the price fell to $38,000. He’d expected the market to see a steeper decline but now admits that Bitcoin seems to be on a good path. He was so sure of his position that he brought points options for Bitcoin, an investment method he had endorsed, despite its alleged opaqueness.
“I am definitely bullish for the rest of the year. I think Bitcoin is going to hit the all-time of $70,000 by the end of the year.”
Bitcoin has seen a lot of positive projections for 2024, partially because of the spot ETF approval. The ETF has been heavily pursued by the industry for years, and being approved means that more investment and demand can flow towards the token. Naturally, this has had a positive impact on the value of Bitcoin.
Besides Bitcoin itself, Hayes also touched on the state of banks around the world. More specifically, Hayes believes that another financial crisis could be well on the way thanks to the real estate sector. Many banks have exposure to the real estate sector by way of loans, and as the sector faces challenges, banks are racking up losses.
Just last month, Hayes took to Twitter/X to touch on New York Community Bank (NYCB), which reported significant losses. As he put it, bailouts of these banks seem to be on the way. This possible financial crisis will lead to a rally of the Bitcoin price, he says, as investors will seek safe havens in the meantime.
This is ironic considering the fact that Bitcoin itself was created in the aftermath of the 2008 financial crisis, and its creator expressed criticism of bank bailouts. Now, almost 20 years later, Hayes thinks history will repeat itself.